Allocation and Impact Report 2025 (mbank sa allocation and impact report 31 december 2025)

31 December 2025

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mBank.pl

The mBank S.A. Green Bond Report presents the allocation of proceeds and environmental impact of projects financed through mBank's Green Bonds as of 31st December, 2025.

• Green Bond Series: The report covers all outstanding Green Bonds issuances since 2021, namely Series 11, 12, 13 and 15, representing a total principal value of EUR 2,250 mn.

• Eligible Assets Portfolio: The Eligible Assets Portfolio amounted to PLN 24,424 mn (eq. EUR 5,779 mn) and includes green buildings and renewable energy projects (onshore wind farms and photovoltaic farms). All assets were qualified in line with Climate Bonds Initiative Sector Criteria, as specifically described in the → mBank S.A. Group Green Bond Framework.

• Allocation Information: As of reporting date, 37.3% of the Eligible Assets Portfolio had been allocated, while 96.1% of the Green Bond net proceeds were directed towards Eligible Assets. Green Bonds Series 11, Series 12 and Series 13 achieved 100% allocation, verified by Sustainalytics through post issuance reviews and certified by the Climate Bonds Initiative. All relevant documents can be found on → our website.

• Impact reporting: For 2025, estimated avoided greenhouse gas emissions associated with

  the allocated portfolio amounted to 511,296 tCO2e annually. The calculation includes all projects financed from Green Bond proceeds (in operation and in construction) and is based on reference benchmarks updated against previous reporting year.

  4 Green Bonds Series

  proceeds

  EUR 2,245 mn Total net

  Financed projects

  18,443

  Total

  amount

  EUR1 2,158 mn allocation

  511,2962

  Financed emissions avoided (tCO2e/year)

  1. EUR equivalent amount (NBP Fixing rate as of 31 December 2025, EUR 1 = PLN 4.2267)

  2. The calculation includes all projects financed from Green Bond proceeds (in operation and in construction).

     Allocated Assets Portfolio3

     
     
     

     18,400

     Residential green buildings

     10

     Wind farms

     33

     Photovoltaics

     1,636,916 m2

     Financed usable area

     156.6 MW

     Financed energy power

     415.1 MW

     Financed energy power

     27

     Annual emissions avoided

     (tCO2e/mn EUR)

     1,373

     Annual emissions avoided

     (tCO2e/mn EUR)

     1,120

     Annual emissions avoided

     (tCO2e/mn EUR)

     Allocation of proceeds by Eligibility Criteria

     9%

     8%

     38%

     EUR 2,158 mn

     45%

     • Residential buildings (TC 2017)

     • Residential buildings (TC 2021)

     • Wind Farms

     • Photovoltaic Farms

       Annual CO2e emissions avoided by type of asset

       4%

       6%

       44%

       511,296

       tCO2e

       46%

       • Multi-Family Housing

       • Single-Family Housing

       • Wind Farms

       • Photovoltaic Farms

  3. All data were calculated for all projects financed from mBank S.A. Green Bond proceeds, regardless of project status

  (in operation and in construction).

  Eligible Assets Portfolio

  Type of assets

  Number of contracts

  Total amount4

  in mn PLN in mn EUR1

  Green residential buildings

  by technical conditions (total)5	46,684	20,998	4,968
  	22,853	8,699	2,058
  	23,831	12,299	2,910
  Renewable energy projects (total)	129	3,426	811
  	24	1,237	293
  	105	2,189	518
  Eligible Assets (total)	46,813	24,424	5,779
  Outstanding Green Bonds

  • TC 2017

  • TC 2021

  • Wind Farms

  • Photovoltaics

  Series	ISIN	Issue date	Maturity date	Principal in mn EUR	Use of Proceeds in mn EUR
  11	XS2388876232	20.09.2021	21.09.2027	500	498.625
  12	XS2680046021	11.09.2023	11.09.2027	750	748.125
  13	XS2907137736	27.09.2024	27.09.2030	500	498.750
  15	XS3244863729	03.12.2025	03.03.2032	500	499.000

  2,250 2,244.500

  Portfolio Approach - Additional information

  Percentage of Eligible Assets Portfolio Allocated (usage) 37.3%

  Percentage of Net Proceeds from Green Bonds allocated to Eligible Assets Portfolio 96.1%

  Unallocated Eligible Assets (in mn EUR), out of that:

• Green residential buildings

• Renewable energy projects

• Scheduled loan tranches from partly allocated contracts

3,621

3,136

428

57

For the description of the approach (footnotes 1, 4, 5 & 6), please refer to the methodology section on page 10.

For Bond by Bond approach, please see the detailed information on pages 5-9.

Overview of Allocated Assets for mBank's Green Bond Series 11 (ISIN: XS2388876232)

Type of projects: 100% of green residential buildings, out of that: (i) 61% (in terms of allocated amount) multi-family-housing and (ii) 39% single-family-housing

Number of allocated contracts:

Selection criteria

and look-back period:

Year of allocation:

Changes in allocation:

6,297

Residential buildings complying with Technical Conditions 2017 (TC 2017) or newer by year of construction. First disbursement of loan no more than 3 years before the issue date of the Green Bond.

100% allocation achieved in 2021 and verified by Sustainalytics in the Post-issuance verification letter. The allocated portfolio received the Post-Issuance certificate from Climate Bonds Initiative.

during the course of 2025, repaid loans and loans in default were automatically excluded from portfolio allocated under Green Bond Series 11, and replaced with new loans fulfilling the Eligibility Criteria, taking into account the exchange rate at the allocation date

Location: Poland

Annual energy savings7: 41,865 MWh/year

Annual CO2e emissions avoidance8:

13,079 tCO2/year

Allocation of proceeds by Eligibility Criteria

1%

99%

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